No one ever plans to be disabled as the result of an auto accident or other unforeseen event. There are people, however, who do plan to have disability insurance coverage in the event that something terrible happens to them. Most people will never use it, but disability insurance provides peace of mind, and is always there if needed. Stopping to look at the statistics of how many people in the United States experience accidents that render them disabled is a reminder that an accident could happen to anyone at any time. A disabling accident happens to someone in the U.S. every second of the day.
There are many different types of disability insurance that are made for people who are in different life situations. For example, disability insurance for veterans of wars is more comprehensive than other types of insurance. Veterans who are injured are entitled to health insurance, life insurance, disability income insurance, and mortgage insurance on Veteran’s Affairs mortgages. The downside of veteran’s disability insurance is that it may take over a year for the case to be approved and for payments to be sent to the veteran.
Research has shown that most accidents occur when a person is not working. If a worker is hurt on the job, workers’ compensation is a form of mandated disability insurance in the U.S. Companies must pay the worker who is unable to work a percentage of their normal salary. Workers are also compensated for pain and suffering and are often reimbursed for their medical expenses. Of course, workers’ compensation insurance is only helpful if the accident happens while the person is at work. Sometimes businesses also provide disability insurance policies for their employees. These policies are offered in addition to workers’ compensation.
There are also many types of private disability insurance that can be purchased from private insurance companies like those that advertise on DSSC.org. The owner of a policy pays a monthly payment to the insurance company, and if they become disabled, they are entitled to collect regular premium payments. One type of private disability insurance covers a key employee and is called Key Person Disability Insurance. If this important person becomes disabled, insurance payments enable the company to hire temporary help until he or she recovers. It also covers permanent disabilities by paying the company that is insured the amount needed to hire a replacement employee.
Insurance companies will almost always meet with prospective customers to provide quotes of how much a disability insurance policy from their company will cost. They take the customer’s level of income into account, plus the amount of money that they need each month to pay their financial obligations. Living expenses are also figured into this amount. Those who earn higher salaries can expect to pay more in premiums than low-level employees would pay. This is because the insurance company would have larger payouts if the high-level employee is injured or hurt in an accident.
It is best to do some comparison shopping before agreeing to buy a disability policy from a particular company. DSSC.org visitors should try to get quotes from several insurance companies. They can then choose the company that offers the most coverage at a good price. It is important to compare not only price of the insurance per month, but to be sure to compare benefits that are comparable. Those who have never had private disability insurance will want to check reports that summarize the coverage offered by various companies. This can be done at a library or online at websites that provide insurance statistics. Checking on prices is best done before meeting with a company representative so that the customer has a good idea of how much to expect to pay each month for disability insurance.